•   
  •   

Money M&S signals more store closures in shake-up

15:11  09 november  2017
15:11  09 november  2017 Source:   news.sky.com

Horror as cash machine ‘explosion’ rocks town

  Horror as cash machine ‘explosion’ rocks town Police said the incident was not terror-related.Darlington locals reported feeling the blast “over two miles away” from the Matalan store where an explosion “flattened trees and signs and scattered debris everywhere”.

By James Sillars, Business Reporter Marks and Spencer has signalled it is to accelerate store closures as it bids to make "significant" cost savings and "reshape" the business. The chain said it was stepping up its transformation efforts across M & S in a bid to return the company to its former glory as

Stores that will close or are proposed for closure in 2018-19. Marks & Spencer to close 100-plus stores by 2022 in ‘radical’ plan. Read more . M & S boss turns to hi-fi entrepreneur to amp up profits.

M&S has struggled to grow fashion sales for years © Getty M&S has struggled to grow fashion sales for years

Marks and Spencer has signalled it is to accelerate store closures as it bids to make "significant" cost savings and "reshape" the business.

The chain said it was stepping up its transformation efforts across M&S in a bid to return the company to its former glory as the darling of UK retail, with priority placed on a digital-first approach.

Shares in the retailer were volatile in response to the news - contained within its half-year results.

After opening more than 4% higher on the FTSE 100 the stock later fell back sharply - down almost 3% at one stage - after M&S admitted in a call with analysts that the clothing and food markets had been "difficult" during October ahead of the core Christmas season.

Man locked in store's beer cooler stays, drinks

  Man locked in store's beer cooler stays, drinks A 38-year-old Wisconsin man who got locked in a convenience store's beer cooler overnight didn't despair.MARSHFIELD, Wis. — A 38-year-old Wisconsin man who got locked in a convenience store's beer cooler overnight didn't despair: He decided to enjoy the experience, according to police.

Nevertheless, it announced plans to shut more clothing stores in areas where they were less profitable. M & S did not give any details but signalled that any job losses would be minimal as its first 30 UK clothing store closures

The chain has 304 full-line stores and the closures and conversions will take five years to complete. M & S hangs up its fashion aspirations after series of faux pas. Read more .

They were 1% higher in early afternoon trading.

Underlying trading profits in the six months to 30 September were 5.3% down.

Only 30% of M&S customers buy both clothing and food on a trip to a store, and the company hopes to get more shoppers to look at both categories © Getty Only 30% of M&S customers buy both clothing and food on a trip to a store, and the company hopes to get more shoppers to look at both categories M&S reported a fall in like-for-like sales in its traditionally strong food division and also its clothing and home operation - with sales coming in 0.1% down and 0.7% lower respectively.

It said its food side had seen tougher competition and damage to profit margins from the Brexit-hit pound, with total revenue growth of 4.4% driven by 24 new food store openings.

It said its embattled clothing arm, which has dragged on its financial performance for years, had done better in the second quarter thanks to a focus on improved products at lower prices.

Man locked in store's beer cooler stays, drinks

  Man locked in store's beer cooler stays, drinks A 38-year-old Wisconsin man who got locked in a convenience store's beer cooler overnight didn't despair.The man, whose name was not released, told police that he went to a Kwik Trip here to buy some beer but became trapped inside the walk-in cooler when it was locked at about 11:50 p.m. Tuesday, according to a police report. Rather than bang on the glass door to be let out, he warmed up to the idea of staying inside — where temperatures hover around 32 degrees — all night to sample the merchandise.

Marks and Spencer has signalled it is to accelerate store closures as it bids to make "significant" cost savings and "reshape" the business. The chain said it was stepping up its transformation efforts across M & S in a bid to return the company to its former glory as the darling of.

:: M & S signals more store closures in shake - up . As M & S seeks to place greater emphasis on its digital sales, Mr Rowe had previously announced plans to close 30 of its larger stores , but insists now that was the "minimum" and that M & S would "go faster" in closing underperforming stores .

Nevertheless, it announced plans to shut more clothing stores in areas where they were less profitable.

M&S did not give any details but signalled that any job losses would be minimal as its first 30 UK clothing store closures, announced a year ago as part of chief executive Steve Rowe's drive to bolster profitability, had seen staff affected mostly being redeployed.

Steve Rowe © Reuters Steve Rowe Mr Rowe said on Wednesday: "We have made good progress in remedying the immediate and burning issues at M&S I outlined last year."

He added: "The business still has many structural issues to tackle as we embark on the next five years of our transformation, in the context of a very challenging retail and consumer environment.

"Today we are accelerating our plans to build a business with sustainable, profitable growth, making M&S special again."

M&S said that while it would slow openings of new food-only stores, it still planned to launch another 80 Simply Food shops over the current financial year.

It also confirmed a story by Sky News on Tuesday that finance chief Helen Weir was leaving the business to pursue what it called a "plural career".

Laith Khalaf, senior analyst at Hargreaves Lansdown, said of the company's update: "This is not a pretty set of results for M&S, which has seen its turnaround plan undermined by changing consumer shopping habits and a weaker pound.

"While the retailer can't carry the can for the knock-on effects of the Brexit vote, the prioritisation of online sales can only be seen as a pretty late arrival at the party."

Taylor Swift makes surprise Target run to buy her new album .
Taylor Swift stunned fans shopping for her new album at U.S. retailer Target in Nashville, Tennessee on Tuesday (14Nov17) by stopping by to make her own purchase. The Shake It Off hitmaker took to social media to reveal her late night plans in a sweet video clip featuring her cat, Olivia. "We always have this tradition of going to Target to go buy the album and, um, so we're gonna go do that," she said. Taylor then made it clear her furry friend would not be joining her on the outing, adding, "She's not, are you?", as she turned to Olivia, who seemingly shook her head in agreement. The pop superstar then shared footage of herself and some pals on their group outing to Target, where exclusive copies of her album Reputation were being sold, accompanied by a magazine curated by Taylor herself. She continued to document the trip as they made their way through the department store, looking for the special standalone display full of her Target-only release. Taylor greeted shocked fans and spent some time posing for photos and signing autographs, while she also made an effort to make it known she was happy to be approached as she strolled through other parts of the store.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!